Data analysis remains reliant on Exasol's analytical engine for high-speed data evaluation within the Financial Informatics field.
In a significant move, Exasol, a leading provider of high-performance in-memory databases, has strengthened its presence in the financial industry by partnering with Finanz Informatik, a long-standing financial sector client. This strategic expansion has seen Exasol double its annual business volume and extend the contract by four years [1].
Exasol's technology is particularly beneficial for banks and insurers, enabling faster, more efficient data analytics and warehousing. This is crucial for advanced analytics use cases such as risk management, customer insights, fraud detection, and regulatory compliance [1][2].
The solution offered by Exasol will enable connected institutions to consolidate data from various systems and formats for real-time analysis. This modernization of IT infrastructure for banks within the Sparkassen-Finanzgruppe is accelerated, ensuring compliance with regulatory requirements such as data protection [1].
Exasol's technology, headquartered in Nuremberg, is known for its reliance on intelligent query optimization, linear scaling, and massively parallel processing (MPP). The architecture is designed to handle future extensions and peak loads without performance losses [1].
The strategic growth of Exasol in the financial industry is driven by the increasing demand for high-performance, compliance-capable analysis platforms. Detlev Klage, deputy chairman of the management board of Finanz Informatik, supports the further use of Exasol technology as it aligns with the institute's sovereignty strategy [1].
Jörg Tewes, CEO of Exasol, identifies the financial industry as a strategic growth area for the company. The platform offered by Exasol supports classic reporting requirements and complex business analytics applications without extensive modifications to existing IT systems [1].
Exasol's technology is used by various financial institutions, including Sparkassen, Landesbanken, DekaBank, Landesbausparkassen, and public insurers. The strategic expansion of Exasol database technology meets functional requirements and ensures security, availability, and cost-effectiveness. The strategy aligns with FI's sovereignty strategy, providing platform independence and sovereign operation of applications in a future-proof infrastructure [1].
The increasing demand for faster and more powerful data analysis and regulatory security in the financial industry confirms the added value of Exasol's solution for banks and insurers. This strategic growth area in finance lies in high-performance analytics and database solutions tailored for banks and insurers; these solutions help institutions leverage their data more effectively to gain operational efficiencies, enhance risk and compliance analytics, and better serve their customers in a data-intensive, regulated environment [1].
[1] Exasol Press Release, "Exasol Signs Strategic Expansion with Finanz Informatik," [https://www.exasol.com/press/exasol-signs-strategic-expansion-with-finanz-informatik/] [2] Exasol, "Exasol for Financial Services," [https://www.exasol.com/industries/financial-services/]
- Exasol's strategic expansion with Finanz Informatik, a leading financial sector client, is enhancing their finance business by introducing data-and-cloud-computing technology that enables faster, more efficient data analytics and warehousing, crucial for risk management, customer insights, fraud detection, and regulatory compliance.
- The finance business data of banks and insellers, partnered with Exasol, will be consolidated for real-time analysis using advanced technology, modernizing IT infrastructure for banks within the Sparkassen-Finanzgruppe, ensuring compliance with regulatory requirements such as data protection.
